Here is my first Trend Analysis (TA) ever! (So invest carefully lol).
My TA is based on Elliott waves & Fibonacci ratios, combined with MA24 and MA99 (15min). I believe we are currently on the 5th wave of the Elliott trend. I have circled in yellow the areas when MA24 is crossing MA99 from bottom to top, which is confirming a trend reversal. MA24 hasn't cross MA99 yet for the 5th wave but it shouldn't be in too much time (3-4 hours from now).
Disclaimer: Please do not trade amounts you can't afford to lose, this chart idea is only an assumption of what is going to happen.
My TA is based on Elliott waves & Fibonacci ratios, combined with MA24 and MA99 (15min). I believe we are currently on the 5th wave of the Elliott trend. I have circled in yellow the areas when MA24 is crossing MA99 from bottom to top, which is confirming a trend reversal. MA24 hasn't cross MA99 yet for the 5th wave but it shouldn't be in too much time (3-4 hours from now).
Disclaimer: Please do not trade amounts you can't afford to lose, this chart idea is only an assumption of what is going to happen.
Trade closed: stop reached:
Well, as you can see, it didn't really go as planned!
MA24 crossed MA99 in the expected area and the value of the coin went up for a moment but it then dropped significantly and crossed the bottom line of the channel, which was indicating that the trend was not following the predicted 12345 patern.
In this kind of situation you should always try to buy as low as possible (close to the end of wave 4 or start of wave 5) and have a stop loss/limit below the bottom line of the channel (that you can move if the price goes up), this way the trade is low risk and you shouldn't lose much money if things are going south!
Better luck next time! :)
MA24 crossed MA99 in the expected area and the value of the coin went up for a moment but it then dropped significantly and crossed the bottom line of the channel, which was indicating that the trend was not following the predicted 12345 patern.
In this kind of situation you should always try to buy as low as possible (close to the end of wave 4 or start of wave 5) and have a stop loss/limit below the bottom line of the channel (that you can move if the price goes up), this way the trade is low risk and you shouldn't lose much money if things are going south!
Better luck next time! :)